Rich's
Corner
Vail
division to run Hotel Jerome
By
Aspen Times Staff
Aspen, CO Colorado April 23, 2007
ASPEN — Vail Resorts announced Monday the Hotel Jerome in Aspen will be
managed by one of its subsidiaries after the historic Main Street property changes.
The Hotel Jerome is expected to be sold within 45 days to Chicago-based LLCs
Elysian Worldwide and Lodging Capital Partners. In a joint announcement with
Vail Resorts, the firms said that RockResorts International LLC will manage the
92-bedroom hotel.
"The addition of the celebrated Hotel Jerome to the RockResorts portfolio
exemplifies our commitment to growing a luxury hotel brand and providing an outstanding
guest experience in truly unique, spectacular settings," said Rob Katz,
chief executive officer of Vail Resorts, in a statement. "The Hotel Jerome
is synonymous with luxury in every aspect as one of the best places to stay in
ski country."
The announcement comes after the Hotel Jerome's current owners, Oklahoma
Publishing Inc., said last month they were selling the hotel. The owners bought
the Hotel Jerome in June 2005 for $33.7 million and were expected to undertake
a massive renovation, but grew increasingly frustrated with the city's
red tape. That prompted them to abandon the project and sell the hotel, which
is closed for the offseason until May 25.
RockResorts, a luxury hotel company headquartered in Broomfield, Colo., is a
wholly-owned subsidiary of Vail Resorts, Inc. In addition to management of the
luxury hotel and its five dining venues and other amenities, RockResorts will
assist Elysian and Lodging Capital with ensuring a smooth transition with their
intended purchase of the historic hotel, according to the news release.
"Hotel Jerome has achieved truly legendary status, both in Aspen and around
the world," said David Pisor, founding principal of Elysian Worldwide,
in a statement. "We look forward to working with RockResorts and the city
of Aspen as we revive the hotel's historic grandeur."
Steve Kisielica, principal of Lodging Capital Partners,
added, "We are
delighted to expand our relationship with RockResorts by adding this world-class
asset to our growing portfolio of luxury hotels and resorts."
Lodging Capital Partners owns another RockResorts managed
property, the Snake River Lodge & Spa, in Jackson Hole,
Wyo.
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| In
The News |
Pricey
Feet
Christine Benedetti
Aspen Daily News
Staff Writer
Despite a nationally fluctuating real estate market,
Aspen is still on the upswing, continually setting benchmarks
and producing record-breaking deals. The most recent
trend: residential units selling for prices that break
down into more than $2,000 per square foot.
Aspen
broke the $1,000 per square foot mark six to eight
years ago, local land brokers say, but these days
$2,000 per square foot is becoming common and last
autumn saw the sale of a Shady Lane property selling
for more than $3,000 per square foot, according
to Robert Ritchie, a broker at Coates, Reid & Waldron.
"What that really tells me is that there are
limited places in the world that the truly wealthy
can go and be comfortable living there," said
Ritchie. "Aspen is one of the few. ... It's a
place where if they find something extraordinary for
them here, they'll take it because you can travel all
over the world and not find what's here."
Read
complete article » |
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Hunter
Creek Condos Test $1M Mark
By Scott Condon
Aspen, CO Colorado
April 6, 2007
ASPEN — Sales at the Hunter Creek Condominiums,
long regarded as an enclave of affordable living
in Aspen, are poised to top the million-dollar mark.
Two three-bedroom units are on the market with asking
prices higher than $1 million. The highest sale there
up until now was for $810,000, Hunter Creek Properties
manager Jennifer Bennett said Thursday.
Prices at Hunter Creek have been "rising dramatically,
just like everything else in town," Bennett said.
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Complete Article » |
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Rich
Wagar
In
1970, Rich began his real estate career in Aspen
with Fitzgerald Real Estate. He is a dominant force
in Aspen real estate with his personal volume totaling
over ¼ of a billion dollars. His tenacity
as a bike racer, uphill snowshoe racer and competitive
squash player transfers well to real estate where
results are his bottom line.
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